Our real estate transactional team advises clients in a full array of real estate issues relating to office, residential, lodging, gaming, shopping center and mixed-use projects throughout the United States in acquisitions and dispositions of single properties and property portfolios; acquisitions and participations of mortgage and mezzanine debt; workouts and restructurings; financings of real estate properties and projects; office and retail leasing; and joint venture development.

Additionally, our bankruptcy team has extensive experience advising top resorts, entertainment complexes and hotel operators through restructuring negotiations, as well as bankruptcy proceedings and chapter 11 cases.

Litigation: Real Estate and Hospitality

Two cases with hotel owners involving injunctive relief and damages well in excess of $100 million and claims for breach of contract arising from a license and a hotel management agreement for two IHG-branded flagship hotels in Times Square.

Litigation involving the retail leasing of a 750,000-square-foot multi-level shopping center being built at Hudson Yards. Hudson Yards is the largest private real estate development in the history of the United States and the largest development in New York City since Rockefeller Center.

The sale of the Base Village project in Snowmass, Colorado, to a joint venture of East West Partners and Aspen Skiing Company, and an affiliate of KSL Capital Partners, all collectively known as the “Buyer.” Our real estate litigators assisted Related with reaching a settlement with a third party that had filed a lis pendens against the subject property, which was intended to block the sale to the Buyer.

A large breach of contract action relating to the large luxury SoHo Mondrian hotel in New York. The case involved damage claims of over $100 million and was successfully resolved. The case involved novel issues relating to the enforceability of hotel management agreements in light of recent appellate decisions in New York. Kasowitz has represented Morgans in most of its significant commercial litigation in the U.S. since 2012.

Prevailing on summary judgment, and successfully obtaining the appointment of a receiver and a new hotel operator for the Alex Hotel and Flatotel, in several actions in New York state court to foreclose on more than $300 million of loans secured by the hotels, and to recover on personal guaranties.

Providing strategic advice to and negotiating on behalf of a prominent South Florida real estate developer, as borrower and guarantor, in its workout of seven condominium project construction loans and 11 land loans, including the loans for the ICON Brickell towers and Viceroy Hotel.

Defending owner of the Savoy Hotel in Miami Beach, Florida, against a foreclosure action based on a $39.5 million loan, and counterclaiming for fraud, conspiracy, breach of contract and violations of Florida’s racketeering statute against the foreclosing bank.

Successfully challenging the New York Power Authority’s exercise of eminent domain to take property belonging to a tri-state area real estate developer, and transfer it to Calpine Corporation, a national power company, for its $100 million expansion of an existing power plant.

Transactions: Real Estate and Hospitality

Acquisition, financing and development of a mixed-use retail, signage and hotel project at 701 Seventh Avenue in Manhattan for a joint venture between New Valley/Witkoff Group and Starwood Capital/Winthrop Realty Trust. This deal is considered to be the most significant development project in Times Square currently underway.

The one million-square-foot retail project at Hudson Yards in New York City, including the 250,000-square-foot lease to anchor tenant Neiman Marcus. Hudson Yards is the largest private real estate development in the history of the United States and the largest development in New York City since Rockefeller Center.

A real estate deal with New York City to develop an 87,000-square-foot public school at One Willoughby Square in Brooklyn, New York. This is the first major commercial development project in downtown Brooklyn since the area was rezoned in 2004.

The newly opened Plainridge Park Casino, a $225 million integrated racing and gaming facility located in Plainville, Massachusetts, and proposed gaming projects in New York, Pennsylvania, Maryland and California.

The $93 million loan to refinance existing construction financing, mezzanine debt and equity participations at the Hilton Hotel in West Palm Beach, Florida, and other projects relating to the City Place shopping center in West Palm Beach.

Bankruptcy: Real Estate and Hospitality

TPG Capital and senior partners in bankruptcy proceedings and state and federal court actions concerning the principal operating subsidiary of TPG portfolio company Caesars Entertainment Operating Company, along with certain directors of Caesars’ parent company. The parties agreed to a Plan of Reorganization under which all potential claims against TPG, as well as the parent’s directors, were released.

Donald J. Trump and Ivanka Trump in the chapter 11 bankruptcy cases of Trump Entertainment Resorts, owner and operator of the Taj Mahal, Trump Plaza, and Trump Marina casinos in Atlantic City, including an extensive confirmation fight with competing chapter 11 plans that resulted in a victory when the bankruptcy court confirmed the plan backed by Mr. Trump.

Five Mile, the largest holder of trust certificates issued by a CMBS trust that held an $825 million mortgage, as post-petition lender for the debtor and stalking horse bidder in the chapter 11 cases of Innkeepers USA Trust, owner and operator of 72 hotels. We implemented a sales process for the enterprise, which led to a highly successful auction.

Case Study

Media

Kasowitz has been ranked among the 2017 “Top Real Estate Law Firms” by The Real Deal. The firm is listed as #10 in overall volume and #18 in practice size. Only 30 firms are recognized each year in the prestigious listing.